Here is how 100 XRP tokens could be worth a whopping $10,000 if the XRP price follows the 2017 bull run trajectory.
XRP recorded one of its most historic runs from January to December 2017. By January 2018, XRP had outperformed the rest of the market, witnessing an incredible price increase. XRP sought to replicate this run during the 2021 bull market but faced stern opposition due to the SEC lawsuit.
Now, with XRP declared a non-security and the lawsuit about to conclude, market commentators feel a repeat of the 2017 run is imminent.
XRP’s 2017 Historic Run
For context, XRP began in 2017 with a low price of $0.00678 after having a bearish Q4 2016. Interestingly, during Q4 2016, the rest of the market witnessed the pre-bull run phase. Meanwhile, XRP underperformed largely, with this bearish trend spilling into 2017.
From the $0.00678 opening price in 2017, XRP collapsed to a low of $0.005 in February 2017. However, it eventually recovered, initially spiking to a peak of $0.3988 in May of that year. This run led to a massive correction, but XRP held above $0.1 and consolidated at this level until November.
XRP chart reveals that XRP formed a symmetrical triangle during the retracement from $0.3988 in May 2017. XRP eventually broke out of this triangle in December 2017, when it saw a monthly spike of 746%. It extended the run to January 2018, clinching the $3.31 all-time high.
Notably, XRP’s run saw it end 2017 at a price of $1.99, marking a massive 29,251% increase from the opening price of $0.00678. If the spillage into January 2018 is considered, XRP witnessed a historic 48,720% rally from January 2017 to January 2018.
100 XRP Could be Worth $10,000
Now, many analysts believe this bullish run could repeat this year. Interestingly, just like 2017, XRP also underperformed during this year’s pre-bull run phase. However, XRP saw a mild spike to a yearly peak of $0.7449 in March 2024. XRP has since corrected this run, forming a symmetrical triangle similar to the one in 2017.
XRP 2017 and 2024 Symmetrical Triangles
If history repeats, XRP could face a few more months of persistent declines or consolidation. However, a breakout could materialize from October to December of this year. Analysts have set multiple targets for when such a breakout occurs, with the $100 level featuring prominently.
The $100 price target would skyrocket the worth of investors’ holdings. For instance, at the current price level of $0.60, 100 XRP is currently valued at $60. However, if XRP rises from 0.60$ to $100, 100 XRP would be worth $10,000.
Further, a spike to $100 would represent a 16,566% growth for XRP. Interestingly, this is significantly lower than the 29,251% rally from January to December 2017 and the 48,720% increase from January 2017 to December 2017.
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Bitcoin (BTC) shows signs of a bullish breakout with targets at $67,000, driven by technical indicators and high holder confidence.
In the last 24 hours, the premier crypto has mostly traded in the red at around the $65K range. However, technical indicators now suggest a bullish breakout could be on the horizon for Bitcoin.
Analyst Ali Martinez called attention to this development in a post on X today. Martinez highlighted that Bitcoin has crossed a descending trendline, suggesting an upward movement.
Amid this observation, the analyst suggested that Bitcoin could be headed for the $67,000 price point. Meanwhile, Martinez noted that Bitcoin needs to reclaim the $66,450 price level to confirm the anticipated bullish breakout. At press time, Bitcoin hovers around the $66K.
#Bitcoin is showing signs of a breakout, possibly heading towards $67,000!
The RSI has already broken its descending trendline, and now $BTC needs to surpass $66,450 to confirm the bullish breakout. pic.twitter.com/nHhNLFmVHp
Furthermore, the Relative Strength Index (RSI) chart, shown below the price chart, has broken above its descending trendline. This indicates increasing momentum and a potential bullish sentiment. Moreover, the RSI value is above 50, typically a bullish condition.
The RSI breaking its trendline supports the view that Bitcoin might continue its upward trajectory towards the oversold levels.
Liquidation Levels Highlight Key Resistance
However, amid this bullish sentiment, Martinez reveals liquidation levels in a separate post. A heatmap from Coinglass for the BTC/USDT trading pair on Binance shows that at $67,093, over $24 million will be liquidated if Bitcoin reaches this price.
As the recent price action trends upwards, the heatmap reflects a buildup of liquidity at higher price levels. This suggests potential resistance, or a point where many leveraged positions may be liquidated. This aligns with the earlier mentioned target of $67,000.
According to Martinez, surpassing $66,450 and reaching $67,000 may trigger a cascade of liquidations due to high leverage positions.
The community has expressed varied opinions on the impact of the $24.54 million liquidation level highlighted by Martinez. A commenter noted that $24.54 million is relatively minor, citing previous instances where billions have been liquidated, and emphasized the presence of substantial liquidations at lower price levels.
Hash Ribbons Fires Buy Signal for Bitcoin
In yet another bullish prediction, Charles Edwards of Capriole Fund noted the activation of the Hash Ribbons buy signal on Bitcoin’s chart. The Hash Ribbons indicator combines the 30-day and 60-day moving averages of Bitcoin’s hash rate.
A buy signal is generated when the 30-day moving average crosses above the 60-day moving average after miner capitulation. Notably, this signal has historically preceded significant price increases. Coupled with technical analysis suggesting a bullish breakout, the Hash Ribbons buy signal further supports the likelihood of sustained upward momentum.
Most Bitcoin Addresses Are in Profit
Recent data from IntoTheBlock highlights the distribution of Bitcoin addresses based on profitability. It shows that most addresses are in profit, suggesting strong confidence among holders.
Ultimately, the high percentage of profitable addresses, the relatively low number of break-even and loss addresses, all point towards continued positive sentiment. The strong support levels also suggest potential upward movement in Bitcoin’s price.
Bitcoin price reached a 30-day of $68,330 on July 22 just 24-hours ahead of the much-anticipated Ethereum ETFs launch on Tuesday, markets analysis show Mt Gox payments may have impeded BTC from advancing above $70,000.
Bitcoin Price Peaks at $68k Amid Ethereum ETF Euphoria
After more than a month in-wait, Ethereum ETFs began trading officially on US regulated markets on Tuesday July 23, 2024. Bitcoin and the rest of the broader cryptocurrency sector have witnessed increased demand in the build up this landmark event.
As expected, Bitcoin price raced into a 25% rally, from $53,542 July 5 to a 30-day peak of $68,477 on July 22.
Bitcoin Price Action (BTC/USD) | TradingView
Bitcoin’s remarkable price action in the build up to July 23, sparked hopes that the hype around the Ethereum ETFs launch could lift BTC above $70,000. However, the chart above paints a less optimistic picture.
Since BTC reached a 30-day peak of $68,477 on July 22, it has entered a mild 4% correction phase, tumbling toward $66,160 at the time of writing on Wednesday July 24.
This shows that stronger bearish catalyst have overshadowed the bullish tailwinds from the Ethereum ETFs $1 billion first day trading volumes. Recent media reports show that Mt Gox related BTC payments could be behind Bitcoin ongoing price pullback.
Kraken Begins Distributing Bitcoin and Bitcoin Cash to Mt. Gox Creditors
Ten years after the infamous collapse of Mt. Gox, creditors are finally seeing their Bitcoin and Bitcoin Cash returned, with Kraken announcing the distribution of of over $9 billion worth of assets.
Kraken’s CEO, Dave Ripley, highlighted on social media the exchange’s role in aiding the investigation and return of client funds since its selection by the Trustee nearly a decade ago, describing it as both a privilege and a duty.
Kraken, alongside Bitstamp, SBI VC Trade, Bitbank, and Coincheck, is responsible for returning billions in Bitcoin and Bitcoin Cash to Mt. Gox’s 127,000 creditors, with an estimated $7 billion in cryptocurrency and cash to be distributed.
Mt. Gox has also transferred $2.85 billion worth of Bitcoin to new wallets, with significant amounts moved to addresses associated with Bitstamp. Mt. Gox still holds approximately $5.7 billion in Bitcoin reserves.
The BTC liquidity shock form the Mt Gox related payout, appears to have interfered and halted Bitcoin price rally in the last 48-hours.
BTC Price Forecast: Bulls Must Hold $65,000 Support
Bitcoin is currently trading at $66,316, having retraced 4% over the last 48 hours due to sell pressure from Mt. Gox payouts, which countered the bullish momentum from the Ethereum ETF launch. Technical indicators suggest that for the bullish trend to continue, Bitcoin must maintain the $65,000 support level.
Bitcoin Price Forecast (BTC/USD) | TradingView
The Parabolic SAR indicator shows bullish signs as long as BTC remains above $65,000. The EMA Wave indicator displays a weakening bullish momentum, indicating potential consolidation around current levels.
If BTC manages to hold above the $65,000 support, it could aim for the next resistance at $70,000. However, failing to maintain this support might result in a further decline, with significant support around $62,600.
Mainly, the continuation of the bullish phase will depend on bulls ability to sustain the $65,000 support level within the weekly timeframe.
XRP is forming the third consecutive weekly bullish candle against Bitcoin, historically signaling a potential aggressive surge of up to 800%.
In a recent update, technical analyst Block Bull highlighted that XRP is at the third green weekly candle in the XRP/BTC chart. This suggests that XRP has been outperforming Bitcoin for the past weeks.
Market data confirms this observation, showing that XRP has successfully closed two weeks in green against BTC since July 8. XRP/BTC started out at 0.00000755 BTC on July 8 but is currently at 0.00000932 BTC, up by 3% in the last 24 hours.
The outperformance is more pronounced when observing the dollar value of both assets since July 8. Based on XRP’s dollar value of $0.4047 on the date, the asset has grown by 53.44% to its current market value of $0.621. Bitcoin surged by 22.54% through the same timeframe from $54,321 to $66,566.
As the XRP/BTC chart forms its third consecutive green candle, Block Bull suggests that the formation can dictate the direction XRP will take in the next few days.
Historical Patterns Suggest Likely 800% Surge in XRP/BTC
The analyst observed that XRP’s current pattern mirrors the early stages of the 2017 bull run, which saw the cryptocurrency experience substantial growth.
The analyst recalled that in 2017, XRP’s bullish breakout unfolded in three distinct stages: a breakout against Bitcoin in the first week, sustained momentum in the second week, and a massive 800% surge in the third week, marked by a giant candle on the chart. Although it retraced, the final candle closed with an approximate 400% gain, per the analysis.
Now, looking at the present day on the XRP/BTC chart, he sees an identical pattern emerging. He points to earlier doji candles, which signaled market indecision, now followed by a series of candles reminiscent of the 2017 cycle.
While similar three consecutive weekly green candles have emerged repeatedly in XRP’s history, the analyst believes the current formation is unique. He observes that the width of the current candle bottoms matches that of the breakout candles in 2017.
Based on this striking similarity, he is projecting a potential 800% surge in XRP’s value against Bitcoin in the coming days. An 800% increase in XRP/BTC potentially puts the value at 0.00008388 BTC or $5.58.
Ethereum price consolidated above the $3,400 territory on July 24, as the newly-launched ETF recorded $1 billion inflows on the first day of trading in the US, technical indicators highlight how ETH could react.
Ethereum Holds $3,400 Support Amid Sell-the-New Pressure
On July 23, 2024, Ethereum ETFs began trading officially across US-regulated derivatives markets and exchanges. Ahead of the landmark event, many speculative traders took a cautious position on ETH, wary that investors looking to sell-in-the euphoria could trigger massive downswings.
However, after the first day of Ethereum ETFs trading, the daily ETH/USD price chart flashes mixed signals.
Ethereum Price Action After ETF Launch on July 23, 2024 | TradingView
Ethereum price is hovering above the $3,445 area at the time of writing on July 24. However, a closer look at the chart shows that since Friday, July 19, ETH has consolidated within the 3% narrow channel between $3,420 and $3,580.
Such a tight consolidation often indicates a counteraction of bearish and bullish catalysts active within the ETH markets. While swing traders sold after their ETFs trading approval hype, inflows from the new institutional players kept propping up prices and preventing major downside.
Ethereum ETF Pulls $1 Billion on First Day of Trading
On the first day of trading, Ether ETF volumes pushed past $1 billion on the first day of trading, with $106.78 million in net flow.
In comparison, the bitcoin ETFs had $4.5 billion in trading volume on their first day and $600 million in net flow.
Ethereum ETFs Trading Data | SosoValue
On the first day of trading, Ethereum exchange-traded funds (ETFs) saw remarkable activity, with volumes surpassing $1 billion and a net inflow of $106.78 million. This is equivalent to 20% of Bitcoin ETFs’ $4.5 billion first trading volume and $600 million net inflows.
BlackRock’s iShares Ethereum Trust ETF led with $266.5 million in inflows, followed by Bitwise’s Ethereum ETF at $204 million.
Despite substantial activity, the trading volume for Ethereum ETFs was about 20% of what Bitcoin ETFs achieved on their launch day. Market experts had anticipated a lower volume for Ethereum ETFs due to the absence of a staking mechanism.
This strong first day performance explains why Ethereum price managed to avoid a breakdown below $3,400 level on July 24, amid the sell-the-news frenzy that has ensued in the last 24 hours.
Ethereum Price Forecast: $3,600 Target Now in Sight
Having defended the $3,400 amid intense market activity on July 24, Ethereum’s price now appears on the verge of a major breakout above $3,600.
The Ethereum price is currently trading around $3,436.89, with bears displaying a strong resistance level at $3,519.04. The bullish momentum indicates a potential rally towards $3,600, driven by the support provided by the 0.618 Fibonacci retracement level at $3,312.75.
Ethereum Price Forecast (ETH/USD)
However, if the price fails to break above this resistance, it may find support at $3,312.75. Below this, further support lies at $2,747.64. The Choppiness Index (CHOP) at 48.10 suggests that the market is in a neutral state, indicating possible consolidation before any significant movement.
Traders should watch for a decisive move above $3,519.04, which could pave the way for a climb to $3,600. Conversely, a breakdown below the $3,312.75 support could trigger a decline towards the $2,747.64 level.
Franklin Templeton expresses bullish sentiment on Solana, with comments on major adoption and technological maturation, fueling speculation of a Solana ETF.
The speculation around cryptocurrency exchange-traded funds (ETFs) is intensifying, with Solana being the latest focus. Only a day after Franklin Templeton, a global leader in asset management, launched the Franklin Ethereum ETF (EZET), they went ahead to express bullish sentiments about Solana.
Analyst Ali Martinez highlighted this to his 68,000 followers on X, emphasizing Franklin Templeton’s bullish outlook on Solana.
Franklin Templeton’s recent update noted significant developments beyond Bitcoin and Ethereum, specifically mentioning Solana. The company emphasized Solana’s major adoption and ongoing maturation, overcoming technological challenges and demonstrating the potential of high-throughput, monolithic architectures.
This positive sentiment has fueled speculation about the potential launch of a Solana ETF. For instance, a derivative trader known as Twon went to X suggesting that a Solana ETF could be next, driven by Franklin Templeton’s optimistic view.
$SOL ETF is next but this time it's actually a buy the news event and sol continues to outperform https://t.co/dOB38GXvW2
Adding to Franklin Templeton’s stance, VanEck, a notable digital asset manager, already officially filed an application with the U.S. Securities and Exchange Commission (SEC) to list a Solana ETF.
Matthew Sigel, VanEck’s Head of Digital Assets Research, shared this news on X in June. VanEck’s official handle also confirmed the filing, asserting their position as the first asset manager to seek a Solana ETF in the U.S. market.
VanEck’s interest in creating this investment product is due to Solana’s advantageous comparison to Ethereum. The company underscored Solana’s adaptability in various sectors such as trading, gaming, payments, and social interactions. They also pointed out the distinctive advantages of Solana’s blockchain, including its speed, scalability, and cost-efficiency.
Solana Whales are Not Asleep
While the speculation around Solana ETFs grows, significant whale activity has been observed. According to a recent LookOnChain report, in the past two days, two whales withdrew 238,893 SOL, valued at $41.4 million, from Binance and staked it.
The report detailed large transfers involving SOL between different wallets and Binance, indicating a pattern of accumulation. Additionally, substantial minting transactions were observed, with large amounts of SOL being converted into staked tokens through Marinade. This suggests that significant SOL amounts have been consolidated and staked, reflecting confidence in Solana’s future prospects.
As all this goes on, Solana (SOL) is trading at $178.06, marking a 2.53% price increase in the last 24 hours and a 10.87% rise over the past seven days. Despite these gains, the current price remains 31.27% below its all-time high of $259.96.
The latest Bitcoin recovery push above $68K amid an uptick in futures market activity has caused 75% of short-term holders to be in profit.
Bitcoin recently experienced a significant rally, reaching $68,486 on July 22. This surge has notably impacted Short-Term Holders (STHs), bringing 75% of their supply back into profit. Bitcoin’s recent performance has alleviated financial stress for these investors.
This recovery marks a 28% increase from the July 5 low of $53,550, driven by German government selloffs and Mt. Gox creditor repayments. Despite a subsequent correction following the $68,486 peak, BTC remains strong above $66K. Glassnode’s latest weekly on-chain report indicates multiple metrics improvements.
Short-Term Holders in Profit
Particularly, STHs have seen a notable turnaround. After facing over 90% losses earlier, the recent rally pushed 75% of their holdings back into profit. The STH-MVRV metric, now above the break-even level of 1.0, confirms this recovery.
Moreover, detailed analysis of the STH-MVRV metric shows positive profitability across all sub-groups, highlighting the rally’s broad impact. The net realized profit/loss metric supports this optimistic trend, showing positive capital flows across most age tiers. The only exception is the 1M-3M cohort.
Improvement in Bitcoin Futures Metrics
Meanwhile, in the perpetual futures market, exchanges like Binance, Bybit, and OKX dominate, holding 84% of total open interest. Futures market dynamics show open interest fluctuating between 220K and 240K BTC, with recent increases to 260K-280K BTC.
Also, Glassnode confirmed that deleveraging events have significantly influenced open interest, often triggered by margin call liquidations. The past year saw ten such events where open interest dropped by over 5% weekly. These events lead to liquidation volumes exceeding $200M/day.
Directional bias analysis during bull market corrections reveals that long-dominant liquidations have recently shaped the market, notably when Bitcoin dipped to $55K. This period saw substantial over-leveraged long positions liquidated, reducing open interest significantly.
The perpetual funding rate metric further highlights market sentiment. A neutral to negative sentiment has prevailed since the March 2024 ATH, with brief positive shifts during attempted rallies. The recent rally from the $54K region showcased over-leveraged long liquidations, maintaining funding rates below the 0.01% neutral level, indicating cautious market sentiment.
Current Bitcoin Position
Bitcoin currently faces resistance after its six-week high. However, the robust rally and improved profitability for short-term investors signal a potentially positive outlook for BTC. As of now, BTC trades at $66,750, reflecting a slight correction from its recent peak.
Bitcoin Daily Technicals
The daily chart shows strong resistance levels around $70,552 and support around $53,313, as depicted by Bollinger Bands. The MACD indicator shows growing bullish momentum with the MACD line crossing above the signal line. This histogram also reflects strong upward movement.
As the defunct exchange Mt. Gox commenced reimbursing users with Bitcoin, market data indicates that recipients opt to hold onto the cryptocurrency rather than sell it.
CryptoQuant, a prominent analytics platform, called attention to this notable trend in an update released today.
Mt. Gox Bitcoin Recipients Not Selling BTC
Specifically, Onchain School, a researcher and on-chain analyst at CryptoQuant, pointed out a significant surge in Bitcoin withdrawals from the Kraken exchange, coinciding with the reimbursement of affected Mt. Gox users.
The analyst interpreted this development as a positive signal, suggesting that users are opting to hold onto their coins rather than liquidate them. Instead, they are transferring their Bitcoin from the exchange to cold wallets, indicating a long-term investment strategy.
Although the volume is not exceptionally high, a substantial 5,000 BTC worth approximately $329 million has been withdrawn in the past 24 hours.
Mt.Gox Refunds: Users Choose to Hodl Over Selling
“Significant increase in BTC withdrawals from Kraken after affected Mt.Gox users start receiving their $BTC. This could be a positive signal, indicating that they are not selling and are preparing to hold their coins, moving them… pic.twitter.com/3Rys4sWfI2
Significantly, Mt. Gox repositioned a staggering $2.47 billion worth of Bitcoin to two wallets earlier today. The move paved the way for the distribution of 5,106 BTC worth approximately $335.8 million to four separate Bitstamp exchange addresses.
It is worth noting that both Kraken and Bitstamp are among the five exchanges partnering with Mt. Gox Trustee to facilitate the repayment. In a report on Tuesday, Kraken CEO Dave Ripley confirmed distributing Mt. Gox’s Bitcoin inflow to the appropriate beneficiaries.
According to the latest records, Mt. Gox’s current Bitcoin holdings stand at 90,344 BTC, valued at over $6.01 billion. This marks a substantial decrease from the wallet’s previous balance of 140,000 BTC, valued at $9 billion in June.
Initially, the crypto community feared that Mt. Gox’s $9 billion Bitcoin would immediately hit that market and trigger a bearish market, reminiscent of the German government’s $3 billion sale. However, the recently observed trend of outflows from the Kraken exchange suggests otherwise.
Yet Bitcoin and the broader market are in a corrective phase, cooling off from the mini frenzy of the past week. The market correction coincides with Mt. Gox’s BTC distribution. At press time, Bitcoin trades above $66,400, with barely a 1% price gain in the last 24 hours.
The prominent luxury car brand Ferrari has revealed plans to expand its acceptance of crypto payments to Europe following a successful rollout in the United States.
According to a Reuters report, the initiative, which will come into effect by the end of this month, will enable European dealers to meet clients’ evolving demands.
Ferrari Supports Crypto Payments in the U.S.
Recall that Ferrari introduced crypto payments in the United States in October 2023. At the time, Ferrari partnered with BitPay, a leading crypto payment processing firm, to allow customers to purchase luxury cars using select cryptocurrencies, such as Bitcoin (BTC), Ether (ETH), and USD Coin (USDC).
BitPay stated that it can process Ferrari-related crypto payments from more than 100 blockchain wallets, including MetaMask, Trust Wallet, Ledger Wallet, and Trezor Wallet.
Ferrari’s partnership with BitPay required the latter to convert all crypto payments into traditional currencies immediately. This move was designed to protect dealers from massive price swings associated with emerging assets.
European and International Expansion
Following the successful rollout of crypto payments in the U.S., Ferrari is now working to expand the solution to its European dealers. However, the luxury car brand did not disclose whether it plans to continue working with BitPay as its payment processor.
Per the Reuters report, most European-based Ferrari dealers have already adopted or are in the process of integrating the crypto payment solution.
Furthermore, Ferrari is also making moves to launch the solution for dealers across its international network later this year, particularly in regions where crypto payments are legal.
It bears mentioning that neither Ferrari nor BitPay have released official statements confirming the development at press time.
Potential Crypto Adoption Among Car Manufacturers
Notably, Ferrari is not the first car brand to accept crypto payments.
In 2021, the popular electric car brand Tesla began accepting Bitcoin and Dogecoin payments for the purchase of its cars. A few months later, the company discontinued the service, citing concerns about Bitcoin mining.
With Ferrari supporting and expanding crypto payment solutions to other jurisdictions, other car manufacturers might follow suit to bolster their competitive edge.
